South Dakota v. North Carolina
Supreme Court of the United States
IN THE SUPREME COURT OP THE UNITED STATES. By an act passed in 1849, chap. 82, Laws, 1848-49, the North Carolina Railroad Company was chartered by the State of North Carolina with a capital of $3,000,000, divided'into 30,000 shares of $100 each. The State subscribed for 20,000 shares. The statute authorized the borrowing of money to pay the state subscription and pledged as security therefor the stock of the railroad company held by the State.
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IN THE SUPREME COURT OP THE UNITED STATES. By an act passed in 1849, chap. 82, Laws, 1848-49, the North Carolina Railroad Company was chartered by the State of North Carolina with a capital of $3,000,000, divided'into 30,000 shares of $100 each. The State subscribed for 20,000 shares. The statute authorized the borrowing of money to pay the state subscription and pledged as security therefor the stock of the railroad company held by the State. In 1855 a further subscription for. 10,000 shares was authorized by statute, chap. 32, Laws, 1854-55, to be issued on the same terms and with the same…
1Opinion of the CourtJustice Brewer
There can be no reasonable doubt of the validity of the bonds and mortgages in controversy. There is no challenge of the statutes by which they were authorized. By those statutes the treasurer was directed, when it became necessary to borrow money for the payment of the subscription, to prepare coupon bonds and advertise in one or more newspapers for sealed proposals, and to accept the terms offered most advantageous to the State, provided that in no event should the bonds be sold for less than their par value. .The advertisement was made, no bids were received, but the bonds wjere delivered…
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